Australia to Abolish 50% Capital Gains Tax Discount on Crypto Assets

According to Forbes, Australia has passed the "2026 Tax Law Amendment (Tax Reform No. 1)", abolishing the 50% capital gains tax discount for assets held longer than 12 months starting from July 1, 2027. It will be replaced with a cost-based inflation index mechanism and a minimum 30% capital gains tax rate. Gains accumulated before July 1, 2027 will be subject to the old rules, and investors must distinguish between gains under the old and new regulations and keep corresponding records.